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You are the staff accountant working for Armeni, Inc, an IT consulting firm. You have been working with the company for 1 year and the owners have recently hired an intern that you must train. The first area that you must train the intern on is INTERNAL CONTROL, There are 2 activities that the owners are asking that you do to introduce the concept of internal control to the intern:
1. Prepare a cash reconciliation using the BANK and BOOK information provided in Excel (in Moodie). Make sure to not only prepare the reconciliation in the template but to also prepare the necessary adjusting entries for the BOOKS.
2. Prepare a 1-2 page memo describing the basic principles of internal control IN YOUR OWN WORDS. You may use class or other outside resources to help you (include a list of sources you used), but you must explain the principles in words that anyone can understand.
Assume the intern has no experience in business or accounting as you prepare this memo (the intern is your audience).
Your memo should include a proper heading, be single spaced and use proper grammar, spelling and punctuation. (make sure to review the comments provided to you in the first memo so as to improve upon your business writing).
